

<br>
<h2>
    <u>Your task:</u>
</h2>
<div style="padding-left: 30px;">
    <br>
    In this study, <b>you will decide how to allocate money between two investment accounts: a bank account and a stock account.</b>
    <ul>
    <li>
        Any amount of money you invest in an account will increase or decrease by some percentage over the next year – we call this the “percentage return” of the account.
    <ul>
        <li>
            The bank account delivers a <b>2% return</b> over the next year.
        </li>
        <li>
            The stock account delivers a <b>return equal to the return of an exchange-traded fund (ETF)</b> over the next year. An ETF is a basket of stocks and other securities that tracks an underlying stock index.
        </li>
    </ul>
    </li>
    <li>
        In each round, you will be told <b>which ETF determines the returns of the stock account.</b> This will be a real ETF that will generate some return over the next year.
    </li>
    <li>
        You will decide how to split $1,000 between the bank account and the stock account. 
        <ul>
            <li>
                To help you with your decision, we will tell you the historical 1-year return of the ETF, which we compute as the average 1-year return over a prior period of five years. However, because the market conditions constantly change, the return of the ETF over the next year may be different from this earlier, past period.
            </li>
            <li>
                Before you make your investment decision, we will also ask you to give an estimate of the return of the stock account over the next year. 
            </li>
        </ul>
    </li>
    <li>
        In total, you will complete 11 rounds of this task. Across these rounds, the ETF that determines the returns of the stock account will vary. These rounds are completely independent from one another. If one of the rounds of this task is selected to determine your bonus, only your decision in this one round will determine your bonus.
    </li>
</ul>
</div>
<br>
    <hr>
    <br>
<h2>
        <u>Your bonus payment:</u>
</h2>
<div style="padding-left: 30px;">
    <br>
    Your decisions  may affect your bonus payment.  If a decision in this study is selected for payment, you will receive the total value of your investments in one year’s time, divided by <span class="incent_treat_1"></span>. That is, we will actually pay you based on your investment and the ETF’s returns over the next year. As a result, <b>it is in your best interest to indicate how you would actually invest your money in each round.</b>
</div>
<div style="width: 100%; text-align: center; margin-top: 10px" class="instr_button_div">
    <button id="button_instr" class="revealbutton instr_button"><span style="color:#fff;">Next</span></button>
</div>
<div class="hidding_div" style="display: none;">
    <br>
    <hr>
 <br>
<h2>
    <u>Example:</u>
</h2>
<br>
<center>
    <img class="example_image" style="margin: 5px; border: 2px solid lightgray; width: 75%;" alt="Example image of the decision screen (input later)" src="https://github.com/sebre97/Attenuation/blob/main/Instructions/figures/instr_figures/POA.png?raw=true">
</center>
<div style="padding-left: 30px;">
    <br>
    <ul>
        <li>
            In this example, you would give your estimate of the return of the stock account, 
            and use the input field to indicate how you would allocate the $1,000 between the stock account and the bank account. 
            
        </li>
    </ul>
</div>

<br>
<hr>
<br>    
<h2>
   <u>Your certainty:</u>
</h2>
<div style="padding-left: 30px;">
   <br>
   In each round, we will ask you three questions:
    <br>
   <ul>
    <li>
        You will give your estimate of the return of the stock account.
    </li>
    <li>
        You will decide how to invest your money between the two accounts. 
    </li>
     <li> 
        We will ask you <b>how certain</b> you are about your investment decision. Specifically, we are interested in how likely you think it is (in percentage terms) that the investment decision you made is actually your best decision, given your personal preferences and the available information.
    </li>
   </ul>
</div>
</div>